September premiere set for renters

Rensselaer County chamber will be first of theater's tenants

Lieutenant Gov. Robert Duffy, center, Troy Mayor Lou Rosamilia and president of the Rensselaer County Regional Chamber of Commerce Linda Hillman, left, talk during a news conference to announce the Chamber's move into the long-closed Proctor's Theater Thursday, Feb. 27, 2014, in Troy, N.Y. (John Carl D'Annibale / Times Union) less

Lieutenant Gov. Robert Duffy, center, Troy Mayor Lou Rosamilia and president of the Rensselaer County Regional Chamber of Commerce Linda Hillman, left, talk during a news conference to announce the Chamber's ... more

Construction has begun on the long-closed Proctor's Theater building Thursday, Feb. 27, 2014, inTroy, N.Y. The former theater will become the new home for the Rensselaer County Regional Chamber of Commerce. (John Carl D'Annibale / Times Union) less

Construction has begun on the long-closed Proctor's Theater building Thursday, Feb. 27, 2014, inTroy, N.Y. The former theater will become the new home for the Rensselaer County Regional Chamber of Commerce. ... more

Construction has begun on the long-closed Proctor's Theater building Thursday, Feb. 27, 2014, inTroy, N.Y. The former theater will become the new home for the Rensselaer County Regional Chamber of Commerce. (John Carl D'Annibale / Times Union) less

Construction has begun on the long-closed Proctor's Theater building Thursday, Feb. 27, 2014, inTroy, N.Y. The former theater will become the new home for the Rensselaer County Regional Chamber of Commerce. ... more

Columbia Development Cos. President Joseph Nicolla speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater during a news conference Thursday, Feb. 27, 2014, in Troy, N.Y. (John Carl D'Annibale / Times Union) less

Columbia Development Cos. President Joseph Nicolla speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater during a news conference ... more

Renss. Co. Executive Kathy Jimino speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater Thursday Feb. 27, 2014, during a news conference in Troy, N.Y. (John Carl D'Annibale / Times Union) less

Renss. Co. Executive Kathy Jimino speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater Thursday Feb. 27, 2014, during a news ... more

Columbia Development president Joseph Nicolla speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater Thursday, Feb. 27, 2014, during a news conference in Troy, N.Y. (John Carl D'Annibale / Times Union) less

Columbia Development president Joseph Nicolla speaks during the announcement to move the Rensselaer County Regional Chamber of Commerce into the long-closed Proctor's Theater Thursday, Feb. 27, 2014, during a ... more

The chamber will lease the second floor of the five-story office section of the theater. It also will lease space on the first floor for a conference room that can accommodate as many as 35 people.

Behind the office section is the theater, once a vaudeville house, that Columbia Development Cos. will stabilize with the long-term goal of restoring and reopening the space.

When it opened a century ago, Proctor's was the largest theater in New York state. The movie theater closed in 1977.

Joseph Nicolla, Columbia's president, said the theater's marquee will be restored to its original appearance. He said that negotiations with tenants are in progress, and that he wants to make sure he has the right tenant mix for the long term.

The chamber, for example, signed a 10-year lease.

Some of the first-floor space will be available for retail tenants, Nicolla said.

Columbia has been busy on the Fourth Street block downtown. It reopened the Chasan building in December 2012 after a $5.6 million restoration. Rensselaer Polytechnic Institute offices occupy the space.

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The work on the office and exterior of the Proctor's building will cost $7.2 million, not including restoration of the theater space.

Asked how much that would cost, Nicolla said "that's for a different day." The two projects were awarded a $3.3 million Restore New York grant, with $1.2 million used for the Chasan work and $1.7 million for Proctor's. The remaining $400,000 is being used for environmental remediation and stabilization of the theater for future use.

Chamber President Linda Hillman said her organization's eight employees will move in at the beginning of September. The chamber has 1,200 members.

Its current offices, on the Hudson riverfront at 255 River St., between the site of the former City Hall and buildings being renovated by Saratoga Springs developer Sonny Bonacio, likely will be in demand after the chamber vacates them, she said.

"Troy has the lowest vacancy rate" of area cities for commercial office space, she said, referring to a recent CB Richard Ellis report.